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Derivative Instruments | 3 Months Ended
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Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments | Derivative Instruments As of March 31, 2019, the Company had the following outstanding financial commodity derivatives:
|  |  |  |  |  | Swaps |  | Basis Swaps
Type of Contract |  | Volume (Mmbtu) |  | Contract Period |  | Weighted-Average ($/Mmbtu) |  | Weighted-Average ($/Mmbtu)
Natural gas (IFERC TRANSCO Z6 non-NY) |  | 8,250,000 |  |  | Apr. 2019 - Dec. 2019 |  |  |  |  | $ | 0.41 |
Natural gas (IFERC TRANSCO Z6 non-NY) |  | 32,100,000 |  |  | Apr. 2019 - Oct. 2019 |  | $ | 2.61 |  |  |
Natural gas (IFERC TRANSCO Leidy Line Receipts) |  | 41,250,000 |  |  | Apr. 2019 - Dec. 2019 |  |  |  |  | $ | (0.53 | )
Natural gas (NYMEX) |  | 74,900,000 |  |  | Apr. 2019 - Oct. 2019 |  | $ | 2.85 |  |  |
Natural gas (NYMEX) |  | 82,500,000 |  |  | Apr. 2019 - Dec. 2019 |  | $ | 2.81 |  |  |
Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet
|  |  |  | Derivative Assets |  | Derivative Liabilities
(In thousands) |  | Balance Sheet Location |  | March 31, 2019 |  | December 31, 2018 |  | March 31, 2019 |  | December 31, 2018
Commodity contracts |  | Derivative instruments (current) |  | $ | 14,246 |  |  | $ | 57,665 |  |  | $ | 1,305 |  |  | $ | — |
|  |  |  | $ | 14,246 |  |  | $ | 57,665 |  |  | $ | 1,305 |  |  | $ | — |
Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet
(In thousands) |  | March 31, 2019 |  | December 31, 2018
Derivative assets |  |  |  |  |  |
Gross amounts of recognized assets |  | $ | 18,824 |  |  | $ | 60,105 |
Gross amounts offset in the statement of financial position |  | (4,578 | ) |  | (2,440 | )
Net amounts of assets presented in the statement of financial position |  | 14,246 |  |  | 57,665 |
Gross amounts of financial instruments not offset in the statement of financial position |  | — |  |  | — |
Net amount |  | $ | 14,246 |  |  | $ | 57,665 |
Derivative liabilities |  |  |  |  |  |
Gross amounts of recognized liabilities |  | $ | 5,883 |  |  | $ | 2,440 |
Gross amounts offset in the statement of financial position |  | (4,578 | ) |  | (2,440 | )
Net amounts of liabilities presented in the statement of financial position |  | 1,305 |  |  | — |
Gross amounts of financial instruments not offset in the statement of financial position |  | — |  |  | — |
Net amount |  | $ | 1,305 |  |  | $ | — |
Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations
|  | Three Months Ended March 31,
(In thousands) |  | 2019 |  | 2018
Cash received (paid) on settlement of derivative instruments |  |  |  |  |  |
Gain (loss) on derivative instruments |  | $ | 52,980 |  |  | $ | (26,131 | )
Non-cash gain (loss) on derivative instruments |  |  |  |  |  |
Gain (loss) on derivative instruments |  | (44,723 | ) |  | 31,708 |
|  | $ | 8,257 |  |  | $ | 5,577 |

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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